CAL BANK LIMITED FIRST QUARTER 2016 FACTS BEHIND THE FIGURES
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1 CAL BANK LIMITED FIRST QUARTER 2016 FACTS BEHIND THE FIGURES Investor & Analyst Presentation Ghana Stock Exchange May 2016
2 D I S C L A I M E R This report was prepared by CAL to provide background information on the Group. The report is issued for information purposes only, especially with regards to enabling users understand the inherent potential of the business. It is therefore not a solicitation to buy or sell the stock. The information contained herein is subject to change and neither the bank nor its staff is under any obligation to notify you or make public any announcement with respect to such change. Users are hereby advised to exercise caution in attempting to rely on this information and carry out further research before reaching conclusions regarding their investment decisions. 2
3 S P E A K E R S Mr. Frank Adu Managing Director Mr. Philip Owiredu Executive Director Mr. Joseph Ofori-Teiko General Manager Mr. Charles Amoah Assistant General Manager Ms. Dzifa Amegashie Investor Relations 3
4 O U T L I N E > Operating Environment > Banking Sector Overview > CAL Bank Overview > FY2015 Performance of Listed Banks > CAL Bank 1Q2016 Performance > Share Price Evolution > Strategy & Outlook 4
5 O P E R A T I N G E N V I R O N M E N T : G H A N A 5
6 G H A N A M A C R O O V E R V I E W - Q I N F L AT I O N Headline inflation: 18.7% as at April 2016 up from 16.8% in April 2015 of which: Food inflation: 8.3% up from 7.2% Non-food inflation: 24.8% up from 23.2% Year-to-date: May 2016 May 2015 F O R E I G N E X C H A N G E GHc/USD: - 0.3% -20.0% GHc/GBP: + 2.0% % GHc/EUR: -4.7% % P O L I C Y R AT E 26% up from 21% in April Policy rate has remained unchanged since November 2015, and our expectation is for it to remain the same Source: Bank of Ghana, Summary of Economic and Financial Data, May
7 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 G H A N A M A C R O O V E R V I E W Q GDP GROWTH RATE DEPRECIATING CEDI USDGHS USDEUR USDGBP 2010 STRAINED FISCAL POSITION (%) RISING INFLATION (%) April 2016: 18.7% % 46.3% 43.8% 50.2% 53.8% 60.8% 65.3% % -6.5% -4.0% -12.0% -10.1% -9.5% -7.8% Public Debt/GDP Fiscal Deficit/GDP Sources: Bank of Ghana, Summary of Economic and Financial Data, May 2016 Ghana Statistical Service Bloomberg 7
8 B A N K I N G S E C T O R O V E R V I E W 8
9 G H A N A B A N K I N G S E C T O R I N D I C E S Q The banking sector currently has 29 operating banks: 14 foreign, 3 government and 12 local banks POLICY RATE¹ DEPOSITS MARCH PERCENT MARCH PERCENT ΔY/Y 23.8 PERCENT MARCH GHS Billion MARCH GHS Billion ΔY/Y 19.0 GHS Billion TOTAL INDUSTRY ASSETS LOANS AND ADVANCES² MARCH GHS Billion MARCH GHS Billion ΔY/Y 17.2 GHS Billion MARCH GHS Billion MARCH GHS Billion ΔY/Y 12.3 GHS Billion INDUSTRY NPL RATIO INDUSTRY CAR MARCH PERCENT MARCH PERCENT ΔY/Y 42.1 PERCENT MARCH PERCENT MARCH PERCENT ΔY/Y 4.1 PERCENT Bank of Ghana, Summary of Economic and Financial Data, January 2016 & May
10 C A L B A N K A T A G L A N C E 10
11 C A L B A N K AT A G L A N C E Q SHAREHOLDING STRUCTURE CAL Bank Limited is an indigenous bank established in Ghana in 1990, listed on the Ghana Stock Exchange SUBSIDIARIES 3 WHOLLY OWNED EMPLOYEES 751 PROFESSIONAL STAFF ICAM 3.9% DANIEL OFORI 2.5% FRONTAURA 3.0% FRANK BRAKO ADU, JR 2.2% CENTUM EXOTICS 2.7% SSNIT 33.2% 25 Branches CHANNELS 93 ATMs 15 Active Corr. Banks OTHERS 25.8% PARTNERS ADP I HOLDING % MARKET INFORMATION¹ ISSUED SHARES MARKET VALUE PUBLIC FLOAT MILLION MILLION CEDIS PERCENT 1. As at 31/03/
12 F Y P E R F O R M A N C E O F L I S T E D B A N K S 12
13 C A L R A N K S H I G H A M O N G S T L I S T E D B A N K S I N PROFIT-AFTER-TAX (GHS mn) CUSTOMER DEPOSITS (GHS mn) , , , , , EGH GCB CAL SCB SOGEGH HFC UTB , , , , , , , EGH GCB SCB CAL SOGEGH UTB HFC TOTAL ASSETS (GHS mn) LOANS AND ADVANCES (GHS mn) 8, , , , , , , , , , , , , , , , , , , , , , , , , , EGH GCB SCB CAL SOGEGH UTB HFC - EGH CAL GCB SCB UTB SOGEGH HFC Source: Company Financials 13
14 C A L R A N K S H I G H A M O N G S T L I S T E D B A N K S I N RETURN ON EQUITY RETURN ON ASSETS 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% -10.0% -20.0% -30.0% -40.0% -50.0% -60.0% 36.1% 32.0% 29.8% 16.9% 11.9% EGH CAL GCB SOGEGH SCB HFC UTB -18.6% -47.6% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% -1.0% -2.0% -3.0% 5.5% 4.9% 4.8% 2.2% 2.0% GCB CAL EGH SOGEGH SCB HFC UTB -2.3% -2.3% COST-TO-INCOME RATIO COST OF FUNDS 140.0% 120.0% 100.0% 80.0% 60.0% 40.0% 20.0% 0.0% 120.3% 78.5% 62.2% 49.3% 44.0% 42.8% 35.9% UTB HFC SOGEGH GCB EGH SCB CAL 20.0% 18.0% 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 18.6% 10.5% 10.4% 4.3% 3.8% 3.2% 3.2% UTB CAL HFC SCB SOGEGH EGH GCB 14
15 C A L R A N K S H I G H A M O N G S T L I S T E D B A N K S - F Y NET INEREST MARGINS NON PERFORMING LOANS 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 21.0% 15.2% 13.4% 12.9% 11.4% 9.5% 3.8% GCB SCB EGH HFC SOGEGH CAL UTB 50.0% 45.0% 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 43.3% 20.4% 21.1% 16.6% 14.0% 14.8% 5.5% CAL GCB SOGEGH EGH UTB HFC SCB CAPITAL ADEQUACY RATIO P.E. P.B. 30.0% 25.0% 20.0% 15.0% 24.0% 21.4% 17.8% 16.1% 15.4% 13.3% HFC UTB CAL GCB (7.37) (1.02) SCB EGH HFC GCB % 8.7% EGH 6.41 SOGEGH % 0.0% GCB CAL EGH SOGEGH SCB HFC UTB SOGEGH 6.59 SCB (10.00) CAL UTB
16 C A L B A N K Q P E R F O R M A N C E 16
17 Q U N A U D I T E D C O N S O L I D AT E D I N C O M E S TAT E M E N T KEY ITEMS (GHS 000) 1Q2016 1Q2015 Y/Y CHANGE 1 Profitability Net Interest Income 75,420 56, % Net Fees & Commissions 18,520 17, % Net Trading Income 10,315 17,275 (40.3)% Other Income 3,113 4,075 (23.6)% Total Income 107,368 94, % Credit Loss Expenses (4,946) (5,228) (5.4)% Net Operating Income 102,422 89, % Total Operating Expenses (41,972) (31,493) 33.3% Profit before tax 60,450 57, % Profit after tax 40,860 40, % Key facts Net Interest Income growth of 34.3% y/y attributable to commensurate growth in loans and advances. Trading income fell by 40.3% due to weak trading volumes from overall slowdown in business/trading activity and strengthening/stability of local currency in Q relative to previous year. Credit Loss Expense decreased by 5.4% due to enhanced supervision by loan monitoring teams and vigorous pursuit of recoveries in 2016 to recover some classified corporate loans. Total Operating Expenses growth of 33.3% y//y due to : General inflationary increases in cost of all goods & services; Increased staff costs due to cost of living adjustments to remuneration and to retain staff; Opening of 3 new branches in expenses ahead of new Airport City branch opened in February
18 I N C O M E S TAT E M E N T E V O L U T I O N NET INTEREST INCOME GHS 000 s NON- FUNDED INCOME GHS 000 s CREDIT LOSS EXPENSE GHS 000 s 80, , , , , ,,434 5, , , ,948 5, , , , , , , , , ,000.0 % , , , , , , Q2014 1Q2015 1Q Q Q Q , Q2014 1Q2015 1Q2016 Other Income Net Trading Income Net Fees & Commissions 18
19 I N C O M E S TAT E M E N T E V O L U T I O N COST-TO-INCOME RATIO % NPL RATIO % NET-INTEREST MARGIN % 45.0% 40.0% 39.1% 9.0% 8.0% 8.1% 12.5% 12.2% 35.0% 31.1% 33.3% 7.0% 7.0% 12.0% 30.0% 6.0% 25.0% 5.0% 4.8% 11.5% 11.4% 20.0% 4.0% 11.0% 15.0% 3.0% 10.8% 10.0% 2.0% 10.5% 5.0% 1.0% 0.0% 1Q2014 1Q2015 1Q % 1Q2014 1Q2015 1Q % 1Q2014 1Q2015 1Q
20 Q U N A U D I T E D C O N S O L I D AT E D B A L A N C E S H E E T KEY ITEMS (GHS 000) 1Q2016 1Q2015 Y/Y CHANGE Loans and Advances to Customers 1,966,110 1,466, % Investments in Government Securities 311, ,014 (65.2)% Other Assets 841, , % Fixed Assets 157,024 84, % 2 Balance Sheet Total Assets 3,275,619 3,107, % Total Deposits 1,658,810 1,406, % Borrowings 933,277 1,174,867 (20.6)% Other Liabilities 123,034 85,522 (43.9)% Shareholders' Funds 560, , % Total Liabilities and Shareholders Funds 3,275,619 3,107, % Key Facts Total Assets grew marginally by 5.4% y/y to due considerable reduction in investment in Government securities. Loans & Advances growth of 34% mainly in corporate sectors - Commerce/Finance and Electricity, Water & Gas. Fixed Assets grew with the opening of 3 new branches over the period and as the new Head Office Building project progresses. Customer deposits increased by 17.9% y/y as branch network increased to 25 branches. Deposit growth was dampened by more intense competition amongst banks for deposits over the period as inflationary pressures hit. Borrowings decreased by % as a number of short term-facilities to support asset growth were retired. 20
21 A S S E T P R O F I L E INTEREST EARNING ASSETS DOMINATE 100% 80% 60% 1.1% 1.8% 2.1% 32.8% 43.2% 26.0% 40% 20% 66.1% 55.1% 71.9% 0% 1Q2014 1Q2015 1Q2016 Loans & Advances Other Interest Bearing Assets Other Assets SECTORAL DISTRIBUTION OF LOANS Q Q Transport, Storage & Communication 2% Commerce & Finance 18% Electricity, Gas & Water 14% Services 12% Construction 23% Miscellaneous 6% Government 18% Agriculture, Forestry & Finishing <1% Mining & Quarrying 3% Manufacturing 4% Transport, Storage & Communication 2% Commerce & Finance 22% Electricity, Gas & Water 22% Services 9% Construction 21% Government 12% Miscellaneous 5% Agriculture, Forestry & Finishing <1% Mining & Quarrying 3% Manufacturing 4% 21
22 C A P I TA L & R E T U R N S RETURN ON AVERAGE EQUITY CAPITAL ADEQUACY RATIO 45.0% 42.9% 42.9% 40.0% 25.0% 35.0% 30.0% 32.7% 22.5% 22.0% 22.0% 25.0% 20.0% 20.0% 1Q2014 1Q2015 1Q % 17.2% RETURN ON AVERAGE ASSETS 15.0% 8.0% 7.0% 6.0% 5.0% 7.6% 6.7% 5.1% 12.5% 10.0% Regulatory Minimum: 10% 4.0% 3.0% 2.0% 7.5% 1.0% 0.0% 1Q2014 1Q2015 1Q % 1Q2014 1Q2015 1Q
23 Volume Traded Share Price (GHS) Thousands C A L S H A R E P R I C E E V O L U T I O N J A N M AY , ,500 4, , ,000 2,500 2, , , Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Volume Last Price 23
24 1.01x 3.36x 3.59x 1.35x 4.60x 1.70x P R I C I N G E V O L U T I O N PRICE-TO-EARNINGS RATIO PRICE-TO-BOOK RATIO 1 Q Q Q Q Q Q
25 S T R AT E G Y & O U T L O O K Retail Banking Develop e-payment platforms with emphasis on digital channels. Leverage on growing card schemes to offer diversified card services for enhanced customer experience, positively impacting on our customer base and translating into increased deposits. Promote financial inclusion by deploying digital solutions to offer branchless banking services. Refresh existing products and services by leveraging on enhanced technology to improve customer experience and market competitiveness. Corporate Banking Employ cutting-edge technology to deliver enhanced tailor-made solutions for our corporate customers to offer them convenience and real-time banking. Enhance forex generating capacity to ensure we meet forex needs of our customers. Enhance relationship management and product knowledge. People Implement a comprehensive performance management and reward systems. Deepen staff skills and knowledge. Develop and implement structured career progression and succession planning program. Enhance organizational competence. Implement workplace health and safety program. Technology Leverage on growth in digital and mobile technology to develop cutting edge solutions that will offer customers convenience and also reach out to the unbanked. Enhance transaction and process efficiency through technology. Continuous and sustained investments in technology to ensure development of up-to-date, efficient products and services. Risk Management & Compliance Enhance loan monitoring and early-detection toolkits to improve quality of loan portfolio. Maintain low NPL ratio. Continuously develop risk management and compliance culture amongst staff through training and other staff engagements. Ensure adherence to regulatory requirements and best practice compliance procedures. 25
26 THANK YOU Q&A 26
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